KEY POINTS
- Deaton thanked his supporters Wednesday for their time, financial support and efforts
- Crypto users urged Trump to consider the $XRP lawyer as an SEC Commissioner
- Others believe he will transform the SEC if he is appointed as the next SEC Chair
- Trump promised Bitcoiners that he will fire Gary Gensler on his first day as President
The cryptocurrency community went wild after Donald Trump secure the needed electoral votes for the presidency, but while many celebrated the victory, others were quick to praise lawyer John Deaton for putting up a good fight against Democratic Sen. Elizabeth Warren, who won the seat for Massachusetts Tuesday.
Deaton's rise in the crypto community came a few years before the 2024 U.S. elections. He provided pro bono legal counsel for holders of the XRP token after the U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020 for selling XRP, which the regulator considered an unregistered security before clarity from a court ruling came last year.
Deaton Takes Loss with Gratitude
On Wednesday, Deaton thanked his supporters and the volunteers who gave time during his campaign. "I want you to know that your dedication inspired me to work harder," he said.
Thank you to all of my volunteers and supporters who gave their time to this campaign. I want you to know that your dedication inspired me to work harder. From marching in parades, to door knocking, making phone calls and so much more, I know that you took time from your families… pic.twitter.com/THaPEl1fiF
— John Deaton (@DeatonforSenate) November 6, 2024
Deaton received much applause from the broader crypto community and the XRP army – the community of XRP holders – after the Massachusetts senatorial race was called for Warren.
Crypto leaders took time off the celebrations to thank him for his effort and hinted that they will support him if he decides to run again in the future.
Crypto Users Begin New Movement: Deaton for SEC
The crypto industry is known for being a catalyst of change, and the community behind it is starting a new movement: to get Deaton inside the financial regulatory agency.
Some crypto users are urging Trump to consider giving the former U.S. Marine a position inside the SEC, such as a Commissioner.
Mr. Deaton for SEC Commissioner!
— Be Like Water 104.45 (@NormWeaver3) November 6, 2024
Deaton for SEC Commission!!
— Patrick Gadut (@PatGadut) November 7, 2024
Others were more specific: Deaton for SEC Chair. If he is appointed by Trump, Deaton will replace Gary Gensler, who, along with Warren, is deemed a nemesis of the industry.
JOHN DEATON FOR HEAD OF THE SEC!!! @JohnEDeaton1
— Zimpotchi (@The_Skunk_Den) November 7, 2024
Having John Deaton as SEC Chairman would be a perfect F*ck You to the SEC. Perhaps that’s something you’ll consider once in office. @realDonaldTrump
— Noir (@FilmNoirCafe) November 6, 2024
One user even tagged Tesla CEO Elon Musk to recommend Deaton "as the next SEC chair" to Trump. Notably, Musk has been promised with a leadership role in a new government audit commission that the tech titan has called the Department of Government Efficiency (D.O.G.E).
Very disappointed for @JohnEDeaton1 but he should be v-proud of his achievements in life & for the positive impact to so many lives. I dont believe we have seen the last of John & if the new elect have any sense John will be considered for SEC Chair!
— XRPcrazyhorse: Deaton for SEC Chair (@XRPcrazyhorse) November 6, 2024
Congrats from heart...and put John Deaton as SEC director ...it will be epic.
— Goran Stančić (@Goranstancic11) November 6, 2024
It is unclear how Trump will go about with the SEC, but he promised during the Bitcoin Conference 2024 that he will fire Gensler on his first day as president. The Constitution doesn't explicitly say he has the authority to do so. Also, Gensler still has more than a year in his term as SEC chief.
Crypto Hopes Trump Won't Disappoint
Meanwhile, crypto leaders are hopeful that Trump will stick to his promises to the industry now that he has secured the path toward his second presidency.
Bitget Global CEO Gracy Chen said she hopes the business mogul will tackle "the real issues" within the country and the crypto sector, while Coinbase Chief Legal Officer Paul Grewal said he hopes to see "significant changes" in terms of the SEC's regulatory approach.
